Gap, the fashion giant from the US, is all set to shut down 19 stores across the UK and Ireland.
The move is being seen as a strategic review of Gap’s European operations, which it had started late last year.
Another decision taken is that Gap will not be, reportedly, renewing any store leases that expire in July. Meanwhile, the retailer hasn’t revealed any details on which stores will be shut.
One cannot deny, however, that if at all the aforementioned number of stores close down, it surely will impact the jobs of many people.
Notably, despite the closure of stores, Gap will still have over 50 stores both in the UK and Ireland.
Back in October 2020, when Gap had started strategic review process, it had distinctly spoken about closing down stores in France and Italy too, besides the UK and Ireland – owing to pandemic menace. It will be interesting to see if the retailer comes out with the announcement of closing stores in France and Italy too.
It’s been a struggling 2020 for Gap, but 2021 seems to be bringing rich dividends for the clothing retailer as the first quarter saw a jump of 89 per cent in its net sales with net profit of US $ 166 million.